Cypriot Minister of Energy, Commerce and Industry, George Papanastasiou has proposed the establishment of an EU “solar bank,” a specialised instrument to finance the solar industry of the EU.

According to a press release issued by the Ministry, Papanastasiou’s proposal was made in an address of a working lunch hosted in the context of the EU Council of Transport, Telecommunications and Energy in Brussels.

The working lunch focused on the state of play in the EU solar energy industry and the future of photovoltaic panels in the Union.

During the discussion, Papanastasiou proposed the establishment of what he called a “Solar bank,” a bank focusing on financing solar technology products, along the lines of the newly-established Hydrogen Bank.

The Cypriot Minister also expressed Cyprus readiness to sign the joint declaration to support the EU solar industry.

Papanastasiou stressed the need for flexibility in the EU electricity production system through, inter alia, the redesign of the electricity grid levies, implementation of smart technologies and the presentation of due regulatory frameworks.

During the Council deliberations, the EU member-states have reached a political agreement on the Council recommendation over the coordinated action to reduce demand of natural gas.

Papanastasiou expressed his agreement with the Belgian presidency’s compromise proposal, noting that the recommendation acknowledges the special conditions facing member-states, including those that are not directly interconnected with natural gas networks, such as Cyprus.

On the discussion for security supply and the preparation for next winter, the Cypriot Minister highlighted the significance of adopting specific measures to tackle future crises, such as the diversification of energy sources, the completion of interconnections and the further growth of renewables.

The EU Ministers were also briefed by the Ukrainian Minister of Energy German Galushchenko on the country’s energy situation.